Information and Organization: A New Perspective on the Theory of the Firm
Information and Organization offers a vision of the economy as a system of structured information flow, counterbalancing the more conventional view of a simple flow of material goods. The structuring is effected by institutions and, in particular, by firms, which specialize in processing the information needed to allocate resources. In place of the orthodox emphasis on the adversarial use of asymmetric information, the book stresses the use of information for creative purposes--for decision-taking and co-ordinating the use of resources. Mark Casson's `new perspective' has grown out of fifteen years of having to modify the conventional theory to make it work properly. The discussion is rigorous, confronting rather than evading issues; and it develops a new diagrammatic technique to chart information flow. For all this, the book is written in accessible language and will be a solid foundation for future research efforts by scholars and graduate students in management studies, business and economic history, and instutional economics.
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Information Cost and Economic Organization
The Process of Coordination
The Nature of the Firm
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activity advantage asset bounded rationality business networks buyer capital Casson Chapter collect colonial commodity communication comparative advantage competence competition concept concerned consumer contract coordination created decisions demand direct investment division of labour economic economies of scale effected elite employees entrepreneur environment equity example exploitation export finance foreign direct investment free-standing company free-standing firm headquarters Hennart hierarchy high-trust illustrated in Fig imitation important indicated individual industry information costs information flow innovation integration intermediator inventory investor involved kind marginal rates market-making merchant Merthyr Merthyr Tydfil monitoring moral multinational nature negotiations opportunity organization owner ownership particular port possible problem procedures production rate of substitution rational relevant retailer risk role seller ship shocks situation social groups sources specific strategy sunk costs supply synthesis theory tion transaction costs transitory factor trust types vertical integration volatility Walrasian auctioneer